Describes a feeling of overjoy, intense happiness, or accomplishment. Often used as a request for a "High Five."
Rival enemy of a hug.

Tom: Why hello Tom, how's the day?
Pip: Well, I did have a run in with Charles. He was quite pitacolo about his new girl friend.
Tom: Well that sounds like quite the happening.
Pip: Pitacolo?
Tom: Indeed
(High fives are exchanged)